Wet Loans definition

Wet Loans means an Eligible Mortgage Loan for which the required loan documents included in the mortgage file have not yet been delivered to the Mortgage Loan Custodian.
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Wet Loans means Loans the proceeds of which are used to originate Wet Mortgage Loans.
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Wet Loans is defined in Section 2.3(c).
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Examples of Wet Loans in a sentence

  • The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a Recission.

  • Except with respect to any Wet Loans, the Mortgage Note, the Mortgage, the Assignment of Mortgage (other than for a MERS Mortgage Loan), the policy of title insurance or a title commitment related to a policy of title insurance, and any other documents required to be delivered under the Mortgage Loan Custodial and Disbursement Agreement for each Mortgage Loan have been delivered to the Mortgage Loan Custodian.

  • Buyer and Seller agree that the Purchased Loans transferred to Buyer in any Transaction hereunder may include Eligible Loans which are Wet Loans (subject to any applicable sub-limits regarding Wet Loans set forth herein or any Program Document).

  • Except with respect to Wet Loans, the Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents required to be delivered under the Custodial Agreement for each Mortgage Loan have been delivered to the Custodian.

  • Concurrently with physical delivery to the Custodian of the Basic Papers to convert Wet Loans previously submitted into Dry Loans, the Seller shall deliver to the Custodian (by either mail or courier) a submission list listing each Mortgage Loan being converted.

  • Seller agrees to repurchase from Buyer, on the same Business Day of discovery, any Undocumented Loans or Wet Loans that were previously subject to a Transaction that do not close for any reason including, but not limited to, a Rescission.

  • The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a Rescission.

  • Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing.

  • Each Transaction Notice shall clearly indicate those Loans that are intended to be Wet Loans and Dry Loans and include a Loan Schedule in respect of the Loans that Seller proposes to include in the related Transaction.

  • In accordance with the times specified in the Custodial Agreement, Custodian will be required to deliver to Buyer, on each Purchase Date, one or more Trust Receipts (as defined in the Custodial Agreement) relating to either Wet Loans or Dry Loans.


More Definitions of Wet Loans

Wet Loans means the Mortgage Loans purchased pursuant to an Assignment in which the Sellers shall sell to the Administrative Agent for the benefit of the Purchasers, from the Purchase Date of each Wet Purchase, the Mortgage Loans identified in Schedule II to said Assignment.
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Wet Loans. With respect to Wet Loans, during the days of each calendar month shown in the first column below, the aggregate Asset Value of all Mortgage Loans that are Wet Loans shall not exceed the percentage of the Maximum Purchase Price shown in the same row of the second column: During these days each month Wet Loans’ maximum percentage of Maximum Purchase Price first [***] and last [***] [***]% any other day [***]% Sublimits:
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Wet Loans means Eligible Mortgage Loans and Eligible Lot Loans which are included in the Borrowing Base, but for which the Required Mortgage Documents have not been delivered to Lender."
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Wet Loans means Loans the proceeds of which are used to originate Wet Mortgage Loans which are pledged to the Custodian pursuant to Section 2.1 (III) hereof.
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Wet Loans shall have the meaning set forth in Section A-6 of Exhibit A.
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Wet Loans. Funded and closed mortgage loans which by their terms would qualify as Eligible Loans but for the fact that full and complete documentation has not been received by the Custodian ("Wet Loans"). The funding of Wet Loans will at all times be subject to the requirements set forth under "Wet Loan Advance Requirements" below.
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Related to Wet Loans

  • New Loans means Loans made by the Failed Bank after the Bid Valuation Date that are not continuations, amendments, modifications, renewals, extensions, refinancings, restructurings, or refundings of or for any then existing Loan.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • or "Loans means and includes without limitation any and all commercial loans and financial accommodations from Lender to Borrower, whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • First Lien Loans means the loans made under the First Lien Credit Agreement.

  • Refinanced Loans has the meaning specified in Section 10.01.

  • Bridge Loans means the Loans (as defined in the Bridge Credit Agreement).

  • Committed Loans means loans made pursuant to Section 2.1(a).

  • Second Lien Loans means the “Loans” as defined in the Second Lien Credit Agreement and shall, for the avoidance of doubt, include Incremental Second Lien Loans.

  • Revolving Facility Loans shall include the Other Revolving Loans.

  • Replacement Loans has the meaning specified in Section 10.01.

  • Revolving Loans has the meaning set forth in Section 2.1(a).

  • U.S. Loans means, individually and collectively as the context may require, the U.S. Revolving Loans, the Swingline Loans and the U.S. Protective Advances.

  • Original Loans means the loans and other extensions of credit outstanding under the Original Credit Agreement as of the Effective Date.

  • Senior Loans means the loans and other extensions of credit made by the Senior Lenders to Borrower pursuant to the Senior Credit Agreement.

  • Initial Loans means the Eligible Loans evidenced by the Notes sold on the Closing Date pursuant to the Initial Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Fixed Rate Loans means CD Loans or Euro-Dollar Loans or Money Market Loans (excluding Money Market LIBOR Loans bearing interest at the Base Rate pursuant to Section 8.01(a)) or any combination of the foregoing.

  • Term Loans means the term loans made by the Term Lenders to the Borrower pursuant to Section 2.01(b).

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • Canadian Loans means, individually and collectively as the context may require, the Canadian Revolving Loans, the Canadian Swingline Loans, the Canadian Overadvances and the Canadian Protective Advances.

  • Tranche B Loans means loans made pursuant to Section 2.1(a)(ii).

  • Subordinated Loans means any loan incurred by the Issuer or any of its Subsidiaries, if such loan (i) according to its terms (or pursuant to a subordination agreement on terms and conditions satisfactory to the Trustee) is subordinated to the obligations of the Issuer under the Terms and Conditions; (ii) according to its terms have a final redemption date or, when applicable, early redemption dates or instalment dates which occur after the Final Redemption Date; and (iii) according to its terms yield only payment-in-kind interest.

  • Loan or Loans means, as the context may require, Revolving Loans and/or Swing Line Loans.

  • New Revolving Loans as defined in Section 2.25.

  • Existing Loans shall have the meaning assigned to such term in Section 2.21(a).

  • LIBOR Loans means a Loan or any portion thereof bearing interest by reference to the LIBOR Rate.